Silver Mountain Resources Announces Listing Of Common Share Purchase Warrants

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TORONTO, Feb. 27, 2023 - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain" or the "Company") is pleased to announce that the TSX Venture Exchange (the "TSXV") has accepted for listing 15,525,000 class A common share purchase warrants of the Company (the "Warrants") for trading on the TSXV. The Warrants were issued on February 9, 2023 pursuant to a prospectus supplement dated February 6, 2023, to the Company's final short form base shelf prospectus dated November 9, 2022, forming part of a bought deal offering of units by the Company (the "Offering"). For more information about the Offering, please refer to the Company's news released dated February 9, 2023, which is available under the Company's SEDAR profile at www.sedar.com.

Each Warrant entitles the holder thereof to purchase one class A common share in the capital of the Company (a "Common Share") at a price of $0.45 per Common Share until February 9, 2026. The Warrants are governed by the terms of a warrant indenture dated February 9, 2023 between the Company and Odyssey Trust Company as warrant agent (the "Warrant Indenture"). For Further details regarding the Warrants, please refer to the Warrant Indenture which is available under the Company's SEDAR profile at www.sedar.com.

The Warrants are expected to commence trading on the TSXV at the open of markets on February 27, 2023 under the trading symbol "AGMR.WT.A".

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101 Technical Report-Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com.

For further information about the Company's drill program, including cross sections of the main veins with drill hole locations, please refer to the Company's corporate presentation, available on its website at agmr.ca.

Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 36,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

Silver Mountain Resources Inc.
82 Richmond Street East
Toronto, ON M5C 1P1
info@agmr.ca
(647) 262-4017

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to the listing of the Warrants on the TSXV.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to list the Warrants on the TSXV, the impact and progression of the COVID-19 pandemic, and other factors set forth under "Statement Regarding Forward-Looking Information" and "Risk Factors" in the Company's final prospectus dated January 26, 2022 available on the Company's profile at www.sedar.com. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Silver Mountain Resources Inc.